Composite AI for Frictionless Digital customer on-boarding

Digital onboarding has gained massive uptake in the banking and financial sector, with over 31% of new accounts opened through a bank website or mobile app as of 2020.

To keep up with this shift in customer behavior a vast majority of banks simply cloned their rigid physical onboarding process/forms onto their digital channels. This has resulted in sub-par customer experience, with approximately 40% of applications getting abandoned midway.

How can banks improve the conversion rates of digital onboarding?

Banks can reduce onboarding dropouts by creating intuitive dynamic onboarding journeys with composite AI to remove friction e.g. Selfie and face match for automated verification with computer vision-based data extraction from Digital IDs across languages.

Clear guidance can be provided with a digital human or chatbot to help the customers clarify doubts and handhold the customer in the onboarding journey. Additionally, co-browsing and human agent interfaces can help handle the exceptions in real time.

The key benchmark is that Onboarding time should be less than 3 minutes for ~20-30% reduction in the onboarding dropout rate.

DYNAMIC eKYC WITH PROGRESSIVE PROFILING

The BankBuddy digital onboarding platform offers dynamic KYC with progressive profiling, enabling banks to define the KYC levels and have flexible remote onboarding journeys. As a result, banks can tremendously increase the conversion rates and avoid onboarding dropout by showing applicable products or services with customized eKYC based on customer segment, product category, and customer status.

Customer segment-based onboarding journey

With the BankBuddy onboarding platform banks can leverage pre-built onboarding journeys or create new onboarding journeys to meet the specific requirements of different customer segments - like Diaspora, Resident /Non-Resident, etc.

Banks can decide on the eKYC levels according to the available documents, internal and external verification required from each segment, for different products and services,

Customer status-based onboarding journeys

Offer flexible onboarding journeys based on Customer status like PEP, existing or new to bank customers, etc. Banks can set product or service-wise transaction limits for each status, breaking down the onboarding process into various stages. This enables customers to partially complete the onboarding process and access the benefits of the product/ service based on their KYC level.

Product-based onboarding journeys

When it comes to customer onboarding “one size does not fit all”.

Bankbuddy digital onboarding platform enables the Banks & financial institutions to offer tailored onboarding flows for specific products based the compliance requirements e.g. wallets, current accounts, savings accounts, and so on. For example, a new customer can start enjoying wallet services with ‘lite KYC’ and complete ‘full KYC’ later on to increase the transaction limits. This ensures high conversion rates while offering flexibility to the customers as per their requirements.

COMPREHENSIVE ONBOARDING

BankBuddy composite AI platform enables banks to offer a comprehensive onboarding experience. It brings together intelligent technologies including OCR, computer vision, ASR, and machine learning models along with ecosystem API integrations for hassle-free customer registration, document upload, and verification.

Today, the average time for a retail customer to open an account in-branch is 2 days, while for corporate clients this can extend anywhere between 26-32 days. With Bankbuddy’s onboarding platform, the entire process occurs in a single frictionless flow, helping customers to complete the process in minutes.

Individual onboarding

Banks can complete retail customer onboarding on the BankBuddy platform in less than three minutes without the need for manual documentation or branch visits for KYC. It can be easily integrated with third parties including government agencies and databases for real-time customer verification like- identity checks, credit score, Visa checks, PEP checks, fraud checks, tax status, and geolocation along with device, email, and address verification.

Corporate/SME onboarding

“Corporate clients are contacted eight times on an average during the onboarding process.”

Customer authentication, UBO verification checks, and AML screening are some of the most critical and time-consuming parts while onboarding corporate customers. With AI-led pre-built onboarding journeys on the BankBuddy platform, banks can ensure compliance and swiftly complete multiple validations. This includes- Company registry check, registration verification, tax status, and bank account details, Fraud & AML checks with OFAC Interdict, Cifas national fraud database check, company financials/ratings & data collection including date of incorporation, registration number, shareholder information, address and more.

Read more about how Composite AI combines different realms of AI to create a personalised customer journeys https://bankbuddy.ai/definitive-guide-to-composite-AI-in-banking